Last week, The Dales Report sat down with Numinus CEO Payton Nyquvest to discuss some of the company’s latest milestones and learn about what the company will be working on over the summer. Nyquvest said “exciting times” are ahead for the burgeoning industry.
As more companies enter the space and go public, including Atai Life Sciences, which recently listed on the NASDAQ, the CEO said such moves “continue to broaden out the legitimacy of the industry.”
“There is a massive opportunity to make a huge societal shift in a time where we recognize that it’s needed more than ever,” said Nyquvest.
Numinus was recently granted Tier 1 issuer status on the TSX venture exchange. Nyquvest said he’s hopeful that the company will receive its own investment bank coverage in the near future.
“It’s something we’ve been working on for some time,” he said, noting that the company has raised over $70 million in bought-deal financing in the last 12 months.
“The Tier 1 gives us the opportunity to move fairly quickly in terms of more significant up listings, the TSX main board, [and a] potential NASDAQ listing,” he said, pointing out that the industry is, “barely out of the first inning yet.”
Nyquvest also pointed out that while the potential for a NASDAQ listing is exciting, Numinus is not in a rush to proceed, especially after witnessing other companies in the industry fail to follow through.
“There’s been many a small cap Canadian company that have rushed to go public on the NASDAQ, and then failed. So we’ve been fairly intentional about our approach,” he said.
“I think there’s the anticipation that the momentum is always going to be there. These things are not cheap. They cost money and you have to really be set up properly to leverage it accordingly,” he said. “Obviously, things like a NASDAQ listing is a huge tool, but tools are only good if you get them out of the shed and use them properly. That’s where you sometimes see Canadian companies fail.”
Looking ahead, Nyquvet touched on what the latter half of 2021 will look like for the company: a number of trials are currently underway, including a phase one study with psilocybin extraction, work with MAPS that focuses on MDMA, as well as psilocybin for substance use protocols that are currently being initiated.
“The heavy lifting on those is done,” he said. “Now it’s really just running through the trials and getting the results, so there’s a lot of excitement for us on what we see as upcoming catalysts.”
The CEO also touched on the results of a recent study conducted by MAPS published in Nature, which found that 87 percent of participants experienced regression in their PTSD symptoms and 67 percent were ‘cured’ of their symptoms.
“The thing we say with psychedelics is that they have curative intent,” said Nyquvest. “I think that the thing to take from the MAPS work in particular, is these are people who had treatment-resistant post-traumatic stress disorder. So these are people who’ve been through a host of other PTSD treatments, and they haven’t been effective, so it’s hugely significant.”
To see the whole interview, watch the video above.